Can the FSA avoid the death knell after a Conservative party victory?
If the Conservative party is victorious at the next general election it appears odds-on that the Financial Services Authority (FSA) will be disbanded with some regulatory powers passed to the Bank of England and others passed to a new consumer protection agency. However, there is no doubt that the FSA has been more proactive and more successful with regards to regulatory issues over the last 12 months with many people believing the authority is showing its teeth in the hope of avoiding the death knell.
Over the last two years there have been many changes in the UK financial markets and the FSA, together with the Bank of England, has been at the forefront of many of these moves. The Conservative party issued a statement suggesting the FSA would be disbanded if it was voted into power, but this statement was issued some time ago and there is a growing feeling that David Cameron may well need to revisit this particular strategy.
The FSA has also taken on a significant number of additional staff having appeared to get the upper hand in a number of regulatory areas such as insider trading and market abuse. With the FSA having improved its reputation in the marketplace and hitting the headlines for all of the right reasons at the moment will David Cameron really call an end to the FSA and look to build a brand-new regulator?
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